ALV XETRA Earnings call

Allianz (ALV) · Q2 2026 results and valuation

Share price: €463.60 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 17 Jul 2026 and 17 Apr 2026

Net income down 29.6% on the previous quarter, guidance cut. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−29.6%

Net income vs Q1 2026

Guidance cut

Net income 100.0M vs 142.0M

Revenue +1.8%

Against the same quarter last year (Q2 2025) it is −40.1%, so it is not just seasonal.

2 · How management spoke

Restrained

Less upbeat than 73% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out

Key theme

The reported items had virtually no impact on the adjusted operating margin and only a slight negative impact on the top line.

Valuation

Is Allianz undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 6.9% growth a year (3-year revenue growth), the model's fair value is $156.69 a share — the stock trades 23% below it. Today's price assumes 4.0% growth a year.

Current price

$121.37

close of 2026-11-11

Market implies growth of i

+4.0% for 10 yrs

Fair value / share

$156.69

Buy below

$117.52

Price vs fair value

Undervalued 23%

Price vs buy-below price

Overvalued 3%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance ↓

S&P Global lowered its outlook for China light vehicle production by four percentage points since January and now expects a 5% decline in 2026.

Source quote
“S&P Global has lowered its outlook for China light vehicle production by four percentage points since January and now expects a 5% decline in 2026.”
Guidance

ALV expects margin expansions to be supported by FX, engineering income, and customer compensations despite current challenges.

Source quote
“Despite these challenges, we expect margin expansions to be supported by FX, engineering income, and customer compensations.”
Figure

In China, Allianz onces again outperformed light vehicle production, driven by strong growth with Chinese OEMs, where its sales outperformed by more than 40 percentage points.
Last period

Gross profit increased by 10% while India sales grew by 38% organically, and the company paid a dividend of $0.87 per share totaling USD 65 million.

Source quote
“Underlying profitability improved with gross profit increasing by 10%, although adjusted operating income was slightly lower due to temporary lower RD&E reimbursements... In India, we grew sales by 38% organically reflecting mainly the trend of increased safety content in vehicles in India, but also the continued high level of light vehicle production growth. In the quarter, we paid a dividend of $0.87 per share, representing a total payout of USD 65 million.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)

Answers to analysts Typical (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“In Asia, excluding China, we outperformed the market by six percentage points, driven by continued strong sales growth in India, where we outperformed by around 20 percentage points.”

“In China, we once again outperformed light vehicle production, driven by strong growth with Chinese OEMs, where our sales outperformed by more than 40 percentage points.”

“Supported by strong customer partnerships and a relentless focus on continuous improvement, we have built a solid momentum for the rest of the year.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	2.80B	2.75B	+1.8%	2.71B	+3.3%
Gross profit	509.0M	526.0M	−3.2%	501.0M	+1.6%
Operating income	192.0M	237.0M	−19.0%	247.0M	−22.3%
Net income	100.0M	142.0M	−29.6%	167.0M	−40.1%
EPS	1.35	1.88	−28.2%	2.16	−37.5%
P/E today 13.2	13.7	11.3	+2.4	12.3	+1.4

Topics

Most discussed now

New The weaker outlook reflects a challenging demand environment driven by reduced government incentives, ongoing macroeconomic headwinds, and…
The drivers behind the gross profit improvement were mainly positive FX effects and lower costs for materials.
S&P Global revised its light vehicle production outlook upward for both Japan and South Korea, and now expects production to...
In Europe, light vehicle production is expected to decline by nearly 1%, reflecting ongoing affordability challenges and increasing…
When Allianz talks about India specifically, it's very much so that it's a content driven growth that it sees.

Faded since Q1 2026

Fading Allianz's strong performance in a challenging market environment, its full year guidance and the potential impact of ongoing and new...
Fading Allianz's USD 2.5 billion share repurchase authorization through 2029 remains unchanged.
Fading Looking now on the adjusted operating income bridge on the next slide.
Fading Japan and South Korea, light vehicle production are expected to decline by 2% and 3%, respectively, reflecting softer domestic demand...

Latest announcements

Official filings, newest first.

2026-07-17 Results of operations; Regulation FD disclosure · SEC 8-K
2026-06-30 Director or officer change · SEC 8-K
2026-05-11 Restructuring costs; Impairment; Shareholder vote results; Other events · SEC 8-K
2026-04-17 Results of operations; Regulation FD disclosure · SEC 8-K
2026-03-11 Director or officer change; Regulation FD disclosure · SEC 8-K
2026-02-20 Director or officer change · SEC 8-K
2026-01-30 Results of operations; Regulation FD disclosure · SEC 8-K
2025-12-29 Director or officer change · SEC 8-K